“I have a game changing idea but I don’t have any money to start it”. You must have heard this phrase quite often from your friends, colleagues or from any student. It is true that if you have a good investor, good money or even a relative with money things can go easier. But if you believe in yourself and you are confident enough that your idea is worth a try then you should not allow the money to be a bone of contention in your venture. The following are some ways will help in getting your business a start and can lead to successful business.
Pivot. Use services to generate cash flow and fund a product-based business.
If you want to start a service oriented business then it is easy, to begin with. First of all, if you provide a service you get paid up front. But if you have a product based service then you need to have some upfront capital to help you run the business. If you fall in this type of service then you should consider in building a service oriented business to help you generate cash funds for your product orient business. While you are in a service oriented program you try to make your services a much sought after one. You can do this in a variety of ways one of the most common ways of doing this is by giving out discount or cash back offers on certain services. Many companies apply this trick, for instance, peppery gives its customers a flat discount of 10000 on first purchase. Others website like Ajo (Ajio offer) and makemytrip.com (makemytrip cash back) provide similar offers to their customers.
Work hard Play hard.
Setting a business is no easy task and don’t expect to be provided for everything in a silver spoon. Sometimes you have got to ground zero to make a business successful. You have to focus and hell bent to make your business a success and most importantly you have to believe in yourself and do your homework and hard work which will definitely yield the result.
Be creative. Funding sources are always available.
Traditionally all the entrepreneurs suggest to stick to one goal and should never ever deviate from it. But you have to keep in mind that desperate times call for desperate measure. And that trouble is funded then you have to be creative to get those funds. There are many ways to get funds for instance by getting a credit line, using aincubator investor (who provide assistance to a baby idea and help in growing it), accelerator (those who provide funds and want quick results in a short span) and finally crowd funding which is gaining a lot popularity where people donate a small percentage of their money in return of a buy in.
Differentiate yourself. Small things make a big difference.
You have to keep in mind every dime matters and if your company has said a 10 million dollars as revenue in a year, then that’s good news as it can significantly increase your chances to get loans. For instance, banks don’t discriminate in what business you are, for them, all that matters is balance sheets and if your sheets show the profit they will readily invest in your business. Try to get funding from other sources, establish your company value and ethics, try getting a letter of recommendation of trust from your most valued investors. All these things will jointly increase your chances in getting funds from new investors. Be influential and creative in your approach.
The only way to get more funds and increase revenue is by doing the groundwork by yourself and doing everything which needs to be done. Despite many articles claiming to have an easy money or investment you have to believe in yourself and keep in mind, there is no shortcut to success.